South Korea Urged to Reconsider Stance on Spot Bitcoin ETFs

On January 18, the office of the President of South Korea requested the local Financial Services Commission (FSC) to reconsider its stance on spot Bitcoin ETFs, according to The Block.

During a briefing, Yoon Tae-yen, the head of policy, stated that the government is exploring the possibility and methods of incorporating foreign regulations into local laws.

The comment followed the FSC’s warning that facilitating access to spot Bitcoin ETFs listed abroad could be considered a violation.

In response, South Korean brokers, including the country’s largest, Samsung Securities and Mirae Asset, have taken action.

On January 10, the U.S. Securities and Exchange Commission approved all 11 applications for spot Bitcoin ETFs. Trading commenced the following day.

Four days after the launch, the trading volume of the crypto instrument in the U.S. reached $11.1 billion.

Spot Bitcoin ETFs have surpassed silver-based exchange-traded funds in terms of assets under management.